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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 1-5667

 

Cabot Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

04-2271897

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

Two Seaport Lane

Boston, Massachusetts

02210-2019

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 345-0100

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

CBT

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The Company had 56,723,537 shares of common stock, $1.00 par value per share, outstanding as of August 4, 2021.

 

 

 

 


 

 

INDEX

 

Part I.

Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements (unaudited)

 

 

 

Consolidated Statements of Operations

3

 

 

Consolidated Statements of Comprehensive Income (Loss)

4

 

 

Consolidated Balance Sheets

5

 

 

Consolidated Statements of Cash Flows

7

 

 

Consolidated Statements of Changes in Stockholders’ Equity

8

 

 

Notes to the Consolidated Financial Statements

10

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

 

Item 4.

Controls and Procedures

34

 

 

 

Part II.

Other Information

 

 

Item 5.

Other Information

35

 

Item 6.

Exhibits

36

 

2


 

 

Part I. Financial Information

Item 1.

Financial Statements

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

 

 

 

Three Months Ended June 30

 

 

Nine Months Ended June 30

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(In millions, except per share amounts)

 

Net sales and other operating revenues

 

$

917

 

 

$

518

 

 

$

2,505

 

 

$

1,955

 

Cost of sales

 

 

703

 

 

 

449

 

 

 

1,884

 

 

 

1,592

 

Gross profit

 

 

214

 

 

 

69

 

 

 

621

 

 

 

363

 

Selling and administrative expenses

 

 

68

 

 

 

52

 

 

 

200

 

 

 

230

 

Research and technical expenses

 

 

12

 

 

 

13

 

 

 

41

 

 

 

41

 

Specialty Fluids loss on sale and asset impairment charge

 

 

 

 

 

 

 

 

 

 

 

1

 

Income (loss) from operations

 

 

134

 

 

 

4

 

 

 

380

 

 

 

91

 

Interest and dividend income

 

 

2

 

 

 

1

 

 

 

6

 

 

 

7

 

Interest expense

 

 

(12

)

 

 

(13

)

 

 

(37

)

 

 

(41

)

Other income (expense)

 

 

(1

)

 

 

(3

)

 

 

(9

)

 

 

(6

)

Income (loss) before income taxes

   and equity in earnings of affiliated companies

 

 

123

 

 

 

(11

)

 

 

340

 

 

 

51

 

(Provision) benefit for income taxes

 

 

(30

)

 

 

5

 

 

 

(93

)

 

 

(9

)

Equity in earnings of affiliated companies, net of tax

 

 

2

 

 

 

1

 

 

 

3

 

 

 

2

 

Net income (loss)

 

 

95

 

 

 

(5

)

 

 

250

 

 

 

44

 

Net income (loss) attributable to noncontrolling interests, net

   of tax

 

 

9

 

 

 

1

 

 

 

29

 

 

 

10

 

Net income (loss) attributable to Cabot Corporation

 

$

86

 

 

$

(6

)

 

$

221

 

 

$

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

56.7

 

 

 

56.5

 

 

 

56.7

 

 

 

56.7

 

Diluted

 

 

57.0

 

 

 

56.5

 

 

 

56.8

 

 

 

56.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.48

 

 

$

(0.12

)

 

$

3.85

 

 

$

0.59

 

Diluted

 

$

1.48

 

 

$

(0.12

)

 

$

3.84

 

 

$

0.59

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED

 

 

 

Three Months Ended June 30

 

 

Nine Months Ended June 30

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(In millions)

 

Net income (loss)

 

$

95

 

 

$

(5

)

 

$

250

 

 

$

44

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of tax

 

 

71

 

 

 

31

 

 

 

89

 

 

 

(4

)

Derivatives: net investment hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gains) losses reclassified to interest expense, net of tax

 

 

(1

)

 

 

(1

)

 

 

(4

)

 

 

(3

)

(Gains) losses excluded from effectiveness testing and amortized to interest expense, net of tax

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Pension and other postretirement benefit liability adjustments, net of tax

 

 

2

 

 

 

1

 

 

 

6

 

 

 

2

 

Other comprehensive income (loss)

 

 

72

 

 

 

31

 

 

 

92

 

 

 

(4

)

Comprehensive income (loss)

 

 

167

 

 

 

26

 

 

 

342

 

 

 

40

 

Net income (loss) attributable to noncontrolling interests, net

   of tax

 

 

9

 

 

 

1

 

 

 

29

 

 

 

10

 

Foreign currency translation adjustment attributable to

   noncontrolling interests, net of tax

 

 

3

 

 

 

2

 

 

 

8

 

 

 

2

 

Comprehensive income (loss) attributable to noncontrolling

   interests, net of tax

 

 

12

 

 

 

3

 

 

 

37

 

 

 

12

 

Comprehensive income (loss) attributable to Cabot Corporation

 

$

155

 

 

$

23

 

 

$

305

 

 

$

28

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

CABOT CORPORATION

CONSOLIDATED BALANCE SHEETS

ASSETS

UNAUDITED

 

 

 

June 30, 2021

 

 

September 30, 2020

 

 

 

(In millions)

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

173

 

 

$

151

 

Accounts and notes receivable, net of reserve for doubtful

   accounts of $3 and $2

 

 

633

 

 

 

418

 

Inventories:

 

 

 

 

 

 

 

 

Raw materials

 

 

141

 

 

 

82

 

Finished goods

 

 

293

 

 

 

225

 

Other

 

 

53

 

 

 

52

 

Total inventories

 

 

487

 

 

 

359

 

Prepaid expenses and other current assets

 

 

77

 

 

 

50

 

Total current assets

 

 

1,370

 

 

 

978

 

Property, plant and equipment, net

 

 

1,359

 

 

 

1,314

 

Goodwill

 

 

142

 

 

 

134

 

Equity affiliates

 

 

41

 

 

 

39

 

Intangible assets, net

 

 

103

 

 

 

103

 

Deferred income taxes

 

 

46

 

 

 

53

 

Other assets

 

 

164

 

 

 

160

 

Total assets

 

$

3,225

 

 

$

2,781

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

CABOT CORPORATION

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS’ EQUITY

UNAUDITED

 

 

 

June 30, 2021

 

 

September 30, 2020

 

 

 

(In millions, except share

 

 

 

and per share amounts)

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

59

 

 

$

14

 

Accounts payable and accrued liabilities

 

 

602

 

 

 

488

 

Income taxes payable

 

 

34

 

 

 

20

 

Current portion of long-term debt

 

 

9

 

 

 

7

 

Total current liabilities

 

 

704

 

 

 

529

 

Long-term debt

 

 

1,088

 

 

 

1,094

 

Deferred income taxes

 

 

58

 

 

 

58

 

Other liabilities

 

 

281

 

 

 

286

 

Contingencies (Note G)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock:

 

 

 

 

 

 

 

 

Authorized: 2,000,000 shares of $1 par value

 

 

 

 

 

 

Issued and Outstanding: None and none

 

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

 

Authorized: 200,000,000 shares of $1 par value, Issued: 56,866,956 and 56,616,030 shares, Outstanding: 56,723,495 and 56,466,638 shares

 

 

57

 

 

 

57

 

Less cost of 143,461 and 149,392 shares of common treasury stock

 

 

(4

)

 

 

(4

)

Retained earnings

 

 

1,169

 

 

 

989

 

Accumulated other comprehensive income (loss)

 

 

(267

)

 

 

(351

)

Total Cabot Corporation stockholders' equity

 

 

955

 

 

 

691

 

Noncontrolling interests

 

 

139

 

 

 

123

 

Total stockholders' equity

 

 

1,094

 

 

 

814

 

Total liabilities and stockholders' equity

 

$

3,225

 

 

$

2,781

 

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

 

 

 

Nine Months Ended June 30

 

 

 

2021

 

 

2020

 

 

 

(In millions)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

250

 

 

$

44

 

Adjustments to reconcile net income (loss) to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

117

 

 

 

117

 

Deferred tax provision (benefit)

 

 

4

 

 

 

(20

)

Employee benefit plan settlement

 

 

7

 

 

 

 

Equity in earnings of affiliated companies

 

 

(3

)

 

 

(2

)

Non-cash compensation

 

 

16

 

 

 

5

 

Other non-cash (income) expense

 

 

10

 

 

 

4

 

Cash dividends received from equity affiliates

 

 

2

 

 

 

1

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts and notes receivable

 

 

(198

)

 

 

172

 

Inventories

 

 

(125

)

 

 

74

 

Prepaid expenses and other assets

 

 

(15

)

 

 

(25

)

Accounts payable and accrued liabilities

 

 

97

 

 

 

(68

)

Income taxes payable

 

 

12

 

 

 

(10

)

Other liabilities

 

 

(17

)

 

 

(14

)

Cash provided (used) by operating activities

 

 

157

 

 

 

278

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(115

)

 

 

(162

)

Cash paid for acquisition of businesses, net of cash acquired of $— and $1

 

 

 

 

 

(92

)

Other

 

 

5

 

 

 

2

 

Cash provided (used) by investing activities

 

 

(110

)

 

 

(252

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from issuance (repayments) of commercial paper, net

 

 

46

 

 

 

(20

)

Proceeds from long-term debt

 

 

150

 

 

 

444

 

Repayments of long-term debt

 

 

(167

)

 

 

(334

)

Purchases of common stock

 

 

(2

)

 

 

(44

)

Proceeds from sales of common stock

 

 

5

 

 

 

3

 

Cash dividends paid to noncontrolling interests

 

 

(20

)

 

 

(26

)

Cash dividends paid to common stockholders

 

 

(60

)

 

 

(60

)

Cash provided (used) by financing activities

 

 

(48

)

 

 

(37

)

Effects of exchange rate changes on cash

 

 

23

 

 

 

4

 

Increase (decrease) in cash and cash equivalents

 

 

22

 

 

 

(7

)

Cash and cash equivalents at beginning of period

 

 

151

 

 

 

169

 

Cash and cash equivalents at end of period

 

$

173

 

 

$

162

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

7


 

 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

UNAUDITED

 

 

 

Common Stock, Net of Treasury Stock

 

 

Additional

Paid-in

 

 

Retained

 

 

Accumulated Other Comprehensive

 

 

Total Cabot Corporation Stockholders’

 

 

Noncontrolling

 

 

Total Stockholders’

 

 

 

Shares

 

 

Cost

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

 

 

(In millions, except share amounts)

 

Balance at September 30, 2020

 

 

56,467

 

 

$

53

 

 

$

 

 

$

989

 

 

$

(351

)

 

$

691

 

 

$

123

 

 

$

814

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

 

 

 

 

60

 

 

 

10

 

 

 

70

 

Total other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

 

 

89

 

 

 

7

 

 

 

96

 

Cash dividends paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.35 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

(20

)

Cash dividends declared to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Issuance of stock under equity compensation plans

 

 

192

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

1

 

Amortization of share-based compensation

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

4

 

Purchase and retirement of common stock

 

 

(53

)

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

(2

)

Amount reclassified to retained earnings in excess of

     additional paid in capital

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

56,6